Hogue predicts that because of that buyers “will succeed in further reversing some of the earlier outsized price gains in Ontario and BC in the near term,” even if the slide in prices starts to stabilize nationally where the ratio is closer to 0.50. The average price of a home across all property types in the GTA peaked at $1,334,062 in February but has fallen by approximately 19 per cent since then amid an aggressive campaign by the Bank of Canada to hike interest rates. In his report, Hogue said that while the slowing of the pace of price declines in recent months is likely a sign that the “market downturn has run most of its course” its unlikely that things will “heat up again in short order,” especially in costlier markets in Ontario and BC.